If you have a child or a parent with special needs it is suggested that you establish a discretionary trust that is intended to supplement other resources that may be available to the child or parent. We call it a "supplemental needs trust" or a "special needs trust". The trust provides for discretionary distributions. In other words, there are no mandatory distributions because in most situations mandatory distributions may reduce or eliminate benefits available to the child or parent from SSI, Medicaid, and other public assistance programs.
If you prefer not to have public assistance benefits (at least until the assets are dissipated), then the trust need not be discretionary and can provide for mandatory (instead of merely discretionary) benefits.
We recommend that you consult with public assistance agencies to see what assistance benefits would be available. Then you can design a trust that is consistent with your objectives to provide for discretionary or mandatory benefits.
Please do not hesitate to contact our offices at 702.318.5033 to discuss your personal situation at one of our two convenient locations:
Mention this website and receive a 30 minute free consultation regarding your situation.